Title 556, POWERS OF APPOINTMENT

Sec. 104. A power of attorney created on or after the effective date of this act that is executed in accordance with section 105(2) or (3) is durable unless it expressly provides that it is terminated by the incapacity of the principal. A power of attorney created on or after the…

Sec. 105. (1) To be effective, a power of attorney created on or after the effective date of this act must be signed by 1 of the following individuals: (a) The principal. (b) If signed in the principal's conscious presence, another individual directed by the principal to sign the…

Sec. 106. (1) A power of attorney executed in this state is valid in this state if, when the power was executed, the execution complied with the requirements for the execution of a power of attorney under the law of this state as it existed at that time. (2) A power of attorney t…

Sec. 107. The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power was executed.

Sec. 108. (1) In a power of attorney, a principal may nominate a conservator or guardian of the principal's estate or guardian of the principal's person for a protective proceeding if a protective proceeding for the principal's estate or person commences after the principal execu…

Sec. 109. (1) A power of attorney is effective when executed unless the principal provides in the power that it becomes effective at a specified future date or on the occurrence of a specified future event or contingency. (2) If a power of attorney is intended to become effective…

Sec. 110. (1) A power of attorney terminates if any of the following occur: (a) The principal dies. (b) For a power of attorney that is not durable, the principal becomes incapacitated. (c) The principal revokes the power of attorney. (d) An event occurs that, according to the te…

Sec. 111. (1) A principal may designate 2 or more persons to act as coagents. Unless the power of attorney otherwise provides, each coagent may exercise the authority granted in the power independently. (2) A principal may designate 1 or more successor agents to act if an agent r…

Sec. 112. Unless the power of attorney provides otherwise, an agent is entitled to both of the following: (a) Reimbursement of expenses reasonably incurred on behalf of the principal. (b) Reasonable compensation for services rendered on behalf of the principal.

Sec. 113. (1) Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority as an agent or by any other assertion or conduct indicating acceptance. (2) Before exercising authority under a durable …

Sec. 114. (1) Notwithstanding provisions to the contrary in the power of attorney, an agent that has accepted appointment shall do all of the following: (a) Act in accordance with reasonable expectations of the principal that are actually known to the agent and, to the extent the…

Sec. 115. (1) A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal's successors in interest except to the extent either of the following applies: (a) The provision relieves the agent of liability for b…

Sec. 116. (1) Without precluding other bases on which such matters may properly be brought before the court, any of the following persons may petition a court to construe a power of attorney or review the agent's conduct and grant appropriate relief: (a) The principal or the agen…

Sec. 117. (1) An agent who violates this act is liable to the principal or the principal's successors in interest for the amount required to restore the value of the principal's property to what it would have been had the violation not occurred, including reimbursement of attorne…

Sec. 118. Unless the power of attorney provides a different method for an agent's resignation, an agent may resign by notifying the principal if the principal is not incapacitated or, if the principal is incapacitated, by notifying the following persons, as applicable: (a) If a c…

Sec. 119. (1) A person that in good faith accepts an acknowledged power of attorney without actual knowledge that the signature is not genuine may rely upon the presumption under section 105(4) that the signature is genuine. (2) A person that in good faith accepts a power of atto…

Sec. 120. (1) Except as otherwise provided in subsection (3), a person shall either accept an acknowledged power of attorney or request an agent's acknowledgment under section 119(3) or a certification, translation, or opinion of counsel under section 119(4) not later than 7 busi…

Sec. 121. Unless displaced by a provision of this act, principles of common law and equity supplement this act.

Sec. 122. This act does not supersede any other law applicable to financial institutions or other regulated entities, and that other law controls to the extent it is inconsistent with this act.

Sec. 123. The remedies under this act are not exclusive and do not abrogate any right or remedy under the law of this state other than this act.

Sec. 201. (1) An agent under a power of attorney may do the following on behalf of the principal or with the principal's property only if the power expressly grants the agent the authority and exercise of the authority is not prohibited by another agreement or instrument to which…

Sec. 202. (1) An agent has authority described in this article if the power of attorney does either of the following: (a) Cites the section in which the authority is described. (b) Refers to a heading or catchline added to sections 204 to 217 under section 108 of the legislative …

Sec. 203. Except as otherwise provided in the power of attorney, by executing a power that incorporates by reference a subject described in sections 204 to 217 under section 202 or that grants to an agent authority to do all acts that a principal could do under section 201(3), a …

Sec. 204. A power of attorney that authorizes the agent to convey or otherwise exercise power over real property does not need to contain the real property's legal description. Unless the power of attorney provides otherwise, language in a power granting general authority with re…

Sec. 205. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to tangible personal property authorizes the agent to do all of the following: (a) Demand, buy, receive, accept as a gift or as security for an extension of cred…

Sec. 206. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to stocks and bonds authorizes the agent to do all of the following: (a) Buy, sell, and exchange stocks and bonds. (b) Establish, continue, modify, or terminate …

Sec. 207. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to commodities and options authorizes the agent to do the following: (a) Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call o…

Sec. 208. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to banks and other financial institutions authorizes the agent to do all of the following: (a) Continue, modify, and terminate an account or other banking arrang…

Sec. 209. Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney provides otherwise, language in a power granting general authority with respect to operation of an entity or business authorizes the …

Sec. 210. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to insurance and annuities authorizes the agent to do all of the following: (a) Continue, pay the premium or make a contribution on, modify, exchange, rescind, r…

Sec. 211. (1) Unless the power of attorney provides otherwise, language in a power granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to do all of the following: (a) Accept, receive, receipt for, sell, assign, pledge, o…

Sec. 212. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to claims and litigation authorizes the agent to do all of the following: (a) Assert and maintain before a court or administrative agency a claim, claim for reli…

Sec. 213. (1) Unless the power of attorney provides otherwise, language in a power granting general authority with respect to personal and family maintenance authorizes the agent to do all of the following: (a) Perform the acts necessary to maintain the customary standard of livi…

Sec. 214. (1) Unless the power of attorney provides otherwise, language in a power granting general authority with respect to benefits from governmental programs or civil or military service authorizes the agent to do all of the following: (a) Execute vouchers in the name of the …

Sec. 215. (1) Unless the power of attorney provides otherwise, language in a power granting general authority with respect to retirement plans authorizes the agent to do all of the following: (a) Select the form and timing of payments under a retirement plan and withdraw benefits…

Sec. 216. Unless the power of attorney provides otherwise, language in a power granting general authority with respect to taxes authorizes the agent to do all of the following: (a) Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, federal…

Sec. 217. (1) Unless the power of attorney provides otherwise, language in a power granting general authority with respect to gifts authorizes the agent to make outright gifts of the principal's property, including by the exercise of a presently exercisable general power of appoi…

Sec. 301. A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this act: MICHIGAN STATUTORY FORM POWER OF ATTORNEY IMPORTANT INFORMATION This power of attorney authorizes another pers…

Sec. 302. The following optional template may be used by a nominated agent under a durable power of attorney to provide the acknowledgment required by section 113(2): AGENT'S ACKNOWLEDGMENT I, _______________________, have been appointed agent for _______________________ (Your Na…

Sec. 303. The following optional template may be used by an agent or an attorney at law who represents either the agent or the principal to certify facts concerning a power of attorney: CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY AND AGENT'S AUTHORITY State of _________…

Sec. 401. In applying and construing this act, consideration should be given to the need to promote uniformity of the law with respect to the act's subject matter among the states that enact the uniform act on which this act is based.

Sec. 402. This act modifies, limits, and supersedes the federal electronic signatures in global and national commerce act, 15 USC 7001 to 7006, but does not modify, limit, or supersede section 101(c) of that act, 15 USC 7001, or authorize electronic delivery of any of the notices…

Sec. 403. Except as otherwise provided in this act, on the effective date of this act all of the following apply: (a) Except as provided in subdivision (c), this act applies to a power of attorney created before, on, or after the effective date of this act. (b) This act applies t…

Sec. 404. Sections 5501 to 5505 of the estates and protected individuals code, 1998 PA 386, MCL 700.5501 to 700.5505, are repealed.

Sec. 405. This act takes effect July 1, 2024.